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IMF Wants $925 BILLION more for EU bailouts.

First, before we get into the heavy stuff. I had the opportunity to meet Rep. Mike Pence (R-IN), Chairman of the House Republican Conference at CPAC. This video confirms what I already knew. In addition to being a great Congressman, he is also an all-around regular guy. Reference this “Office Space” video where he shows you around his office in DC. Frankly, when he first mentioned the “red phone” I immediately thought of Glenn Beck and his hotline to Obama. You know, the line Obama never calls? But this is not the case.

Mrs. Pence is the only one who has the number, not anyone on the staff. She occasionally shares it with the kids, but when this phone rings, I answer it,” the Indiana Republican says with a smile. Here is an excerpt from the video:

Today Rep. Pence held a forum on Capitol Hill with Rep. Cathy McMorris-Rodgers and Congressman Tom McClintock dubbed an “End the Bailouts/Greek Forum.” The purpose of the forum was to:

Call attention to the American people about the European bailouts.

To examine the root of the “debt crisis.”

To learn what lessons can be learned from the Greek/EU bailouts.

Rep. Pence states (full stream here) he believes the root of the European problems stem from the extravagant welfare states there and in combination with the global recession have resulted in unprecedented levels of sovereign debt. Ireland, Portugal, Spain and Italy may default because of a sagging euro and many investors are calling for the same mantra initiated by the Obama Administration a year ago:

Too big to fail.

The IMF has already approved $145 billion to bailout Greece and have remarkably announced another $925 billion under the European Stabilization Mechanism for other EU members facing economic crisis.

As stated in one of my previous posts, Beware of Greeks bearing requests for bailout moneyRep. Pence along with Rep. Cathy McMorris-Rodgers, Rep. Jerry Lewis, Rep. Jeb Hensarling and Rep. Kay Granger have introduced legislation to stop these bailouts. Take a look at this quote:

“We have done nothing more than to buy time until we have brought order to these competitive differences and to the budget deficits of individual euro countries.”